HOME is the largest Federal block grant to State and local governments (about $2 billion annual distribution) designed exclusively to create affordable housing for low-income households.
It's a partnership with local nonprofit groups-to fund a wide range of efforts that build, buy, and/or rehabilitate affordable housing for rent or home ownership or provide direct rental assistance to low-income people.
Source: http://nhl.gov/offices/cpd/affordablehousing/programs/home/
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
Monday, November 21, 2011
Wednesday, November 16, 2011
Mortgage rates v. 10 yr. treasury yields - any relationship?
Short answer - YES!
Source: http://www.mortgagenewsdaily.com/consumer_rates/228272.aspx
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
Source: http://www.mortgagenewsdaily.com/consumer_rates/228272.aspx
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
Monday, November 7, 2011
Isakson & Boxer real estate refinance proposal - end of times?
...maybe for Senator Isakson who teams with a liberal Senator such as Boxer on anything, it can't be good - can it?
Refinancing a mortgage saves money for the borrower at the expense of the original investors - private, labor unions, school teacher pensions, public employee pensions, your own pensions, CDO/MBS investments, etc,. Someone takes a hit on any refinancing by lower interest rate, less amount to be paid back, or lose the investment return entirely. And it's a simple process when only one investor/institution owns the note - that one entity can decide on whether or not to lower the interest rate and retain the investment vehicle, or lose it to someone else. That's probably about 20% of all mortgage loans these days, but 80% are commingled with 2 or more investor-owners of vehicle.
These senators' proposal tries to eliminate risk based fees (in other words, their investments are baked by US taxpayers and they don't need to pay for risk) and allow people who are paying "as promised" get a lower interest rate if they owe more than the home is worth.
Source http://mdjonline.com/view/full_story/16305418/article-The-Economy---Obama-wise-to-tag-onto-Isakson-proposals?instance=lead_story_left_column
Source: http://mercatus.org/expert_commentary/boxer-isakson-refinancing-plan-banks
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
Refinancing a mortgage saves money for the borrower at the expense of the original investors - private, labor unions, school teacher pensions, public employee pensions, your own pensions, CDO/MBS investments, etc,. Someone takes a hit on any refinancing by lower interest rate, less amount to be paid back, or lose the investment return entirely. And it's a simple process when only one investor/institution owns the note - that one entity can decide on whether or not to lower the interest rate and retain the investment vehicle, or lose it to someone else. That's probably about 20% of all mortgage loans these days, but 80% are commingled with 2 or more investor-owners of vehicle.
These senators' proposal tries to eliminate risk based fees (in other words, their investments are baked by US taxpayers and they don't need to pay for risk) and allow people who are paying "as promised" get a lower interest rate if they owe more than the home is worth.
Source http://mdjonline.com/view/full_story/16305418/article-The-Economy---Obama-wise-to-tag-onto-Isakson-proposals?instance=lead_story_left_column
Source: http://mercatus.org/expert_commentary/boxer-isakson-refinancing-plan-banks
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
Wednesday, November 2, 2011
Was your home foreclosed on between 1/1/2009 and 12/31/2010?
You can seek help until 4-30-2012.
The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (federal bank regulators) have required an Independent Foreclosure Review by an independent consultant to identify eligible customers who may have been financially injured due to errors, misrepresentations, or other deficiencies in their foreclosure process. If the review finds that financial injury occurred, the customer may receive compensation or other remedy.
To qualify, your mortgage loan would need to meet the initial eligibility criteria:
Source: http://www.independentforeclosurereview.com/
Source: http://www.washingtonpost.com/business/economy/4-million-borrowers-eligible-for-foreclosure-review/2011/11/01/gIQAG6KadM_story.html
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (federal bank regulators) have required an Independent Foreclosure Review by an independent consultant to identify eligible customers who may have been financially injured due to errors, misrepresentations, or other deficiencies in their foreclosure process. If the review finds that financial injury occurred, the customer may receive compensation or other remedy.
To qualify, your mortgage loan would need to meet the initial eligibility criteria:
- Your mortgage loan was serviced by one of the participating mortgage servicers.
- Your mortgage loan was active in the foreclosure process between January 1, 2009 and December 31, 2010.
- The property was your primary residence.
If your mortgage loan meets the initial eligibility criteria and you have questions, need a form by mail, or need help completing the form you have received in the mail, call 1-888-952-9105, Monday through Friday, 8 a.m.–10 p.m. ET or Saturday, 8 a.m.–5 p.m. ET.
Source: http://www.independentforeclosurereview.com/
Source: http://www.washingtonpost.com/business/economy/4-million-borrowers-eligible-for-foreclosure-review/2011/11/01/gIQAG6KadM_story.html
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
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